Connecticut estate tax exemption:- $7.1M
Federal estate tax exemption:- $11.7M
Top Connecticut estate tax rate:- 12%
Top federal estate tax rate:- 40%
Top income tax rate:- 37%
When a single individual reaches
the top income tax rate:- $523,600
When a married couple reaches
the top income tax rate:- $628,300
Gift tax annual exclusion:- $15,000
Maximum Community Spouse
Protected Amount for Medicaid:- $130,380
Maximum Monthly Income Needs
Allowance for Community Spouse:- $3,260
Home Equity Limit for Medicaid:- $906,000
Maximum Gross Monthly Income for
Medicaid Home Care Recipients:- $2,382
Average Monthly Cost of Nursing Home
Care in Connecticut:- $13,512
February 2021, Issue #30
Mark Pancrazio and Jack Reardon wrote the articles in this edition. No taxpayer can avoid tax penalties based on the advice given in this newsletter. This information is for general purposes only and does not constitute legal advice. For specific questions related to your situation, you should consult a qualified estate planning attorney.
